May 16, 2017
New York City real estate brokers lost a little confidence in the first quarter of 2017.
Real Estate Broker Confidence Index, kept by the Real Estate Board of New York, fell in the first quarter, after rising in the fourth quarter for the first time in two years. Concern about the residential rental and office leasing markets helped push the index back down.
“Overall real estate activity in New York City continues at a healthy pace, as the market adjusts to the anticipated impact of new inventory,” said John Banks, president of REBNY.
REBNY regularly surveys its residential and commercial brokerage division members to measure their confidence in the real estate market, now and six months from now. Residential brokers were even more concerned about the state of the residential rental markets in six months, while commercial brokers worried about future financing. Brokers did feel more confident, however, about future commissions and the outlook for the residential lending market.
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